Implementing Decision (EU) 2023/1602 is amended as follows:
(1)
in Article 2, point (10) is added:
‘(10)
‘non-competitive auction allocation’ means the issuance process whereby amounts of the Union and Euratom debt securities additional to the auctioned amounts are allocated to members of the primary dealer network participating in the auction, at their request, based on a set price, within a set period of time following an auction and by using, as appropriate, an auction platform to carry out the allocation.’;
(2)
in Article 3, paragraph (a) is replaced by the following:
‘(a)
the placement of debt securities on the primary capital markets, in particular through an auction platform and syndicated transactions;’
(3)
in Article 5(1), point (a) is replaced by the following:
‘(a)
to buy a minimum weighted average of 0,05 % of volumes auctioned by the Union or the Euratom, on a semi-annual basis in accordance with part 1 of the Annex I. The amounts of Union and the Euratom debt securities issued through non-competitive auction allocations shall be excluded when calculating the minimum weighted average of 0,05 % of volumes auctioned by the Union or the Euratom, on a semi-annual basis in accordance with part 1 of the Annex I.’;
(4)
in Article 6(2), point (h) is added:
‘(h)
establish detailed rules for the use and functioning of auctions and non-competitive auction allocations.’;
(5)
In Article 7, point (b) is replaced by the following:
‘(b)
to participate and bid in any auction of debt securities of the Union or Euratom and to participate in non-competitive auction allocations, following participation and purchase of debt securities of the Union or Euratom through the corresponding auction;’;
(6)
in Article 8, point (a) is replaced by the following:
‘(a)
having bought a minimum share of auctioned volumes by the Union and the Euratom on weighted average based on the last auctions on a rolling basis. The amounts issued through non-competitive auction allocations shall be excluded when calculating the minimum share of auctioned volumes by the Union and the Euratom on weighted average based on the last auctions on a rolling basis’;
(7)
in Annex I, point 1(g) is replaced by the following:
‘(g)
The calculations of the volume purchased by primary dealers over the relevant 6-month period, shall be weighted in accordance with the following table:
Residual maturity
3,5]
]3,5 m-1Y]
]1Y-4Y]
]4Y-8Y]
]8Y-12Y]
]12Y-17Y]
]17Y-23Y]
Above 23
Coeff.
0,5
1
2,5
5,5
10
15
20
25
The amounts issued through non-competitive auction allocations shall be excluded from this calculation of volumes purchased’.